Marin Monthly Market Snapshot | June 2017 - May data
May marked the sixth month in a row that equity values increased. Of course, markets rarely move in a straight line – and May had its share of bumps – but a new story line emerged: The economy is a barometer of the nation’s current economic state and not a presidential poll.
Indeed the present economy with low inflation, record low unemployment, and high consumer confidence is doing very well. Add to that, global growth has picked up and the worst fears that caused a slow down on Wall Street last year – like a breakup of the European Union after Brexit or a financial crisis in China — have not materialized. For confirmation one must look no further than the May Federal Reserve survey that reported the U.S. economy grew “modestly” in nearly all regions.
What can we expect moving forward? A Federal Reserve governor underscored an apparent shift in Fed policy: The central bank now needs to be convinced that quarterly rate increases are a bad idea; consequently the Fed is expected to raise rates at its next meeting in mid-June and beyond.
In Marin County, the Single Family Home market remained relatively consistent with April figures. Percentage of Homes in Contract and Number of Homes Available were up from April levels while the Number Sold decreased, at 209. Sale prices were up across all price points, including Average Price Sold at $1,688,702, up 5% compared to April. Most notable are the year-to-date comparisons of both the Number of Homes Sold (down 5%) and Average Sale Price (up 2%).
Number of Homes Sold
With 209 sold, Marin Single Family Home sales in May remained relatively unchanged (down 1%) from April, and down 5% compared to the same month last year. Most Single Family Homes sold in May were in the price range of $1-2 million.
Average Price Sold
The Average Sale Price of Marin Single Family Homes increased by 5% in May compared to April, at $1,688,702 and $1,612,210, respectively. Compared to the same month last year, the Average Sale Price remains relatively unchanged, up 2%.
Home Sales by Area
Novato, San Rafael and Mill Valley continue to see the highest number of homes sold at 44, 39 and 33, respectively. Tiburon had a notable number of homes sold at 14, while Greenbrae and Larkspur saw a slowdown in number of home sales compared to previous months, each at 5.
In Contract by Area
San Anselmo had 52% of Homes in Contract in May, followed by Greenbrae (50%), Mill Valley (42%) and San Rafael (41%). Eight cities had over 25% of Homes in Contract. In contrast, less active markets were Belvedere (21%) and Kentfield (17%).
Sales by Price Point
The highest number of homes both available (137) and sold (97) were between $1-2 million. There were 45 homes sold between $750,000 and $1 million, while 30 homes sold in the $2-3 million price range, up from 22 homes in April. A notable nine homes sold between $4-5 million. There were only 2 homes sold at $5 million or higher.